What is NEM (XEM)? A beginner’s guide in 360 words.

NEM – The Smart Asset Blockchain

NEM’s developers have created a new codebase from the ground up in a unique Proof-Of-Importance model based on a party’s involvement, not computing clout or size of stake. Their Smart Asset System is configurable to handle almost anything from game data to financial instruments, supply chains to signatures.

“Whether you are building the next best mobile app or bringing blockchain into your existing business infrastructure, NEM makes blockchain work for you.” (NEM, 2018)

The versatility of the project allows for enterprise-class financial transactions of currency, tokens, or files from one private network, through the public blockchain, and into the recipient’s own private network. As well, the Smart Asset System allows you to create your own cryptocurrency with a variety of options. Cointelegraph writes “NEM seeks to achieve the goals of equality, financial freedom, and decentralization, seemingly abandoned by the Bitcoin network, split between several large players and unavailable to take part in by your Average Joe.” (Cointelegraph, 2017)

When asked about security in an interview with Crypto-economy.net, NEM Founding President Lon Wong replies “NEM is an enterprise-class solution and therefore is not an experiment. It, therefore, does not have such security problem. Its off-chain smart contract is the best approach to making the solution very practical. Any failure in one off-chain smart contract does not expose the system to a systemic failure and it can be stopped, corrected and re-run without having to fork or rollback the blockchain, which may have other applications that may not be part of the problem application.” (Crypto Economy, 2017)

In a unique approach to “mining”, NEM has taken a different approach to many others. CryptoxBureau notes “XEM is not mined, it is harvested, and when an account has 10,000 or more XEM, the money will naturally become vested by NEM’s algorithm.” (CryptoxBrueau, 2017)

“Part of NEM’s founding vision was a system that would give power to users, not to hoarders or mining farmers. Keeping harvesting fair, transparent, and correctly incentivized is central to NEM’s purpose.” (NEM, 2018)

Stephen is a husband and father living in pastoral, southern Virginia. He is a self-employed Audio Video Specialist, Farmer and Wildcrafter, Audiophile, and Star-gazer. Volunteer Radio DJ since 2001, computer enthusiast since he took apart his family's Commodore 64 with a Popoular Mechanics screwdriver in 1985 - he loves just about everything positive life has to offer.